DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Summary of long-term debt, net of deferred debt issuance costs

Long-term debt, net of deferred debt issuance costs is as follows (in thousands):



	September 30,		December 31,
	2025		2024
Senior secured term loans outstanding	$	1,113,082	$	1,118,849
Revolving credit facility outstanding		—		17,000
8.500% senior unsecured notes due in 2030		500,000		—
6.125% senior notes due in 2026		—		299,900
Unamortized deferred debt issuance costs ⁽¹⁾		(19,361)		(16,306)
Total debt, net of deferred debt issuance costs		1,593,721		1,419,443
Current portion of senior secured term loans		(11,131)		(11,535)
Long-term debt, net of deferred debt issuance costs	$	1,582,590	$	1,407,908

(1)

Deferred debt issuance costs are amortized using the effective interest method over the applicable term of the senior secured term loans and senior notes. For the three months ended September 30, 2025 and 2024, amortization of deferred debt issuance costs was approximately $1.3 million and $1.2 million, respectively. For the nine months ended September 30, 2025 and 2024, amortization of deferred debt issuance costs was approximately $3.8 million and $3.4 million, respectively. For the three months ended September 30, 2025 and 2024, loss on extinguishment expense was approximately $1.5 million and $nil, respectively. For the nine months ended September 30, 2025 and 2024, loss on extinguishment expense was $2.8 million and $nil, respectively. For both the three and nine months ended September 30, 2025 and 2024, expense related to one-time debt issuance costs to amend the Credit Agreement was approximately $1.2 million and $nil, respectively.

Schedule of proceeds from senior secured term loan

Proceeds from the $150 million senior secured term loans were used as follows (in thousands):


Repayment of revolving credit facility	$	110,401
Distributions to TLP Finance Holdings, LLC for debt service		36,677
Debt issuance costs		2,922
Proceeds from $150 million senior secured term loans	$	150,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

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